What comes next to BTC after a new ATH and Quick Retracement?
What comes next to BTC after a new ATH and Quick Retracement?
The price of Bitcoin finally entered a correction to rinse the leverage effect, to cool the overbought conditions and to help build a structure after the big rally in the past three weeks. This happened after the open interest, the financing rates and the debt ratio had all achieved an increased level.
Short -term support at 60,000 USD seems to keep, which is a positive signal. In view of the current sales pressure, it is unlikely that the closing date for the week will be over 64.8,000.
Short-term technical indicators for the BTC Prize
The cryptocurrency must continue to keep $ 60,000 on the basis of the final basis. The ideal scenario would be to keep 60,000, form a cup and a handle, to test 64.8,000 USD again and to break out in the direction of $ 70,000 to $ 80,000.
If we see a closing price below $ 60,000, this would be a short-term declining signal and would increase the downward risk to 59.7,000, 58.3,000, 57.1,000, $ 56.5,000 and $ 53,000. Support is also expected in the 21-dayemaema. The average level of $ 50,000 also offers strong technical and chain -internal support, which is somewhat soothing in the event of another liquidation round. The lowest level for a pullback that we would like to see is $ 53,000 - the previous high from September. A falling below this level would trigger a higher down risk - a scenario that is less ideal for the bulls.
The overall structure also indicates that the price of BTC is located in the Wyckoff Accumulation phase E, where it usually accelerates upwards, but most likely with shakeouts on the way up. In the short term, an interest bully divergence could form on the hourly chart, but it is important that Bitcoin keeps $ 60,000 and $ 59.6,000 validated and reaches higher maximum.
Auf-chain Analysis of the Bitcoin Prize
The overall trend based on the on-chain indicators remains firmly bullish. The medium coin The age has been increasing for 5 months.
Recently he went back for two days, but quickly resumed his upward trend, which indicates that the long -term owners (LTHS) easily distribute and that there is no serious trend for distribution because BTC has reached a new all -time high.
This means that long -term owners and miners continue to keep and pour out slightly at regular intervals. The open interest has dropped by $ 1.2 billion at $ 15.2 billion since its highest level, and the financing rates are currently 0.03. The Leverage Ratio is unchanged at 0.18 and thus corresponds to the maximum stalls in April and September of this year. This means that further liquidations are possible and it is important to stay careful.
The ASOPR remains slightly above 1, which indicates that LTHS do not take aggressive profits with them during this sweater. All foreign exchange reserves have also fallen to several years of depth due to considerable drains on the derivatives exchanges.
Bitcoin becomes scarce on the stock exchanges, which makes it more difficult for institutions to accumulate, since there are probably fewer BTC for sale.
Finally
Bitcoin has recovered significantly in the past three weeks and the leverage in derivatives increased significantly - therefore a short -term retreat for the market could be healthy.
We have to see that the support lasts between 60,000 and 53,000 to maintain the structure and form a higher low. The general trend in the fundamental data and the on-chain remains bullish, and there are no signs of aggressive distribution, which indicates that there is even more upward potential in this bull market.
The dollar pushes further down after reaching an important technical level, which should be a tailwind for BTC, especially in the coming months.
The current correction seems to be a short -term cleanup, with an interest -bullish sequel that will probably follow as soon as the leverage is washed away, which leads to a renewed test of $ 64.8,000 and an outbreak towards $ 70,000 to $ 80,000, as long as the trend remains into the chain.
In the next few months, volatility can be expected, but the bulls keep control.
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